Bitcoin mining difficulty surges to peak levels, mounting pressure on profit margins
The post Bitcoin mining difficulty surges to peak levels, mounting pressure on profit margins appeared on BitcoinEthereumNews.com.
Bitcoin mining difficulty surged by 3.6% to an all-time high of 92.67 trillion from 89.47 trillion. Bitcoin’s hash rate also recently rose to peak levels of 700 EH/s but has now settled at 670 EH/s. The increased mining difficulty has significantly mounted pressure on the profit margins of the mining venture. Bitcoin mining difficulty brought the digital asset to the spotlight after surging to an all-time high. The 3.6% increase in mining difficulty has threatened the profitability of the mining venture by reducing the mining profit margins. The rising difficulty portrays the competitive environment for Bitcoin miners on the network as more miners scramble for limited block rewards. The competition is constructive for enhancing network security and decentralization. However, miners are struggling to remain afloat with declining profit margins. BTC mining difficulty peaks at 92.67 trillion Source: Hashrate Index Data from BTC.com shows that the mining difficulty is at its peak level of 92.67 trillion from a low of 89.47 trillion at press time. Bitcoin’s overall hashrate also rose to an all-time high. According to a graphical chart by Hashrate Index, Bitcoin mining hashrate peaked at 700 EH/s on September 8th. However, the hashrate has since dwindled and currently settles at 670 EH/s at the time of writing. Bitcoin mining revenue has also declined recently. According to YCharts, Bitcoin miners’ revenue has decreased in the last four days from $29.12 million on September 8th to $19.60 million on September 11th. The network’s hash price is also quite low. The estimated daily value of 1 petahash per second (PH/s) is currently at $39.99, according to data from Hashrate Index. The data also reveals that on-chain fees have significantly declined and accounted for only 1.83% of the network’s revenue in the past 24 hours. Data from Mempool suggests miners’ current difficulty adjustment…
Filed under: News - @ September 12, 2024 10:22 am